Buying your first home is one of the most emotional investments you will ever make. Owning a home is a sign of personal success; a symbol that you have arrived as an adult.
However, as difficult as it may be, you must make sure that you are ready to be a homeowner and not just in love with the idea. It’s a big investment, not only of hard-earned money but emotional energy and time. Make sure that you go into your purchase with a clear head. After all, at the end of the day, a home is an investment.
As much as you think you are “totally in love” with a home, try to look at it realistically. Don’t let emotional blinders block out the reality of a crumbling foundation and substantial structural damage just because it has really amazing arches in every room. A home that sports the kitchen of your dreams but blows your budget will only cause you grief in the end. Make yourself look at a home like you would look at a stock investment, objectively and with the bottom line in mind.
Also, beware of all of the “real estate advice” that will be provided to you by friends and family. While they all may have good intentions, you will be the one footing the bills. Your parents may not be looking for the same things that you are. Your best friends, who just had twins, aren’t looking for the same things you are as newlyweds. Weigh all of the advice but don’t allow it to pressure you into making a decision that makes you uncomfortable.
Lastly, make sure that you have made some solid decisions that you are ready to live. Be ready to make the mortgage payments for a long time. You need to plan to stay put for a while; that’s how you will maximize your investment. Also consider that variables that could impact your future. Is the school district one that you would be comfortable with when your kids are school age? Does the home have enough space to take you into the future that you have planned? Have you made a viable list of what you need versus what you want? The master bath with a spa and ten shower-heads might be something that you could live without…
Once you’ve made a legitimate list of what you need; stick to it. Don’t be afraid to say no to bells and whistles that look wonderful on the walk through but will cost too much in the long run. Making a decision ahead of time will help you buy a home that is right for you and a good investment as well.
Looking to buy, sell or refinance? Know your options. I can help! Direct line: 416-219-6662
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